LG said to be working on a mobile payments platform called G Pay

LG may be the next major technology company to join the mobile payments movement with a product tentatively known as LG G Pay.

As Android Authority notes, LG has applied to trademark the “G Pay” and “LG G Pay” names in its home country of South Korea and overseas in the US. Doing so in both countries may indicate that LG is aiming for a “global” launch although that’s pure speculation at this point.

The publication also points to a statement from LG Director Kim Jong Hoon during the company’s recent V10 smartphone media event that seemed to confirm the platform.

Industry insiders have also told the publication that the technology powering LG G Pay will be more versatile than existing technology from competitors like Apple and Samsung. Unfortunately, the source didn’t disclose any specific details.

The idea of mobile payments has been around for several years although they haven’t really gained much traction until just recently as Apple, Google and Samsung have joined the hunt. With so many new players jockeying for position, fragmentation could very well become a concern although increased competition often leads to things like better security measures and improved innovation overall.

No word yet on when exactly we’ll see LG launch its mobile payment platform.